Between Alpha 1 to Alpha 2 they added the Title screen in different language directories, here is a list:
language/ch/ui_title_logo.ice
language/de/ui_title_logo.ice
language/en/ui_title_logo.ice
language/es/ui_title_logo.ice
language/fr/ui_title_logo.ice
language/it/ui_title_logo.ice
language/jp/ui_title_logo.ice
language/ko/ui_title_logo.ice
language/tw/ui_title_logo.ice

Take a wild guess on what those stand for.

Each of these contains the title screen textures, here is the JP one:
http://dl.dropbox.com/u/12804628/PSO..._logo01_jp.png
http://dl.dropbox.com/u/12804628/PSO..._ef_tex_jp.png

Things to note:
All the ones except JP seem to be outdated, they have since moved the "Press Enter" somewhere else. Which is also now called "Push Enter Key."
The EN one has the Japanese below PSO2 removed. (On the big one.)
All the other language files are mostly the same to the EN one, but they still keep the JP text under all the PSO2s, only small difference in some of them is that the ęSega is colored a bit differently.

While they obviously haven't made much progress localizing it they have already made directories and files for those languages, quite safe for me to say they are planning to localize to those.
Right. Forgot to post this, more Localization stuff:

There is also 2 different opening movie files for the Sega logo. (JP & US)

Differently colored as they have been for the regions in the past.

You can see the usual difference of the logos on their sites: http://www.sega.jp/ & http://www.sega.com/